“There’s No Bubble in Metals. The Bubble Is the Dollar” | Willem Middelkoop

Willem Middelkoop, founder and CEO of Commodity Discovery Fund, says the metals bull market reflects a structural shift driven by currency debasement and rising geopolitical risk. Speaking with Kitco Mining at the 2026 Vancouver Resource Investment Conference, Middelkoop rejected the idea that metals are in a bubble. “There’s not a bubble in the metals. There’s a bubble in the dollar,” he said.Middelkoop said silver stands out due to persistent supply constraints and the risk of a short squeeze, while mining equities continue to lag physical metals. He noted that silver producers are trading at valuation levels last seen at the bottom of the previous cycle, suggesting substantial revaluation potential as the market progresses.He also outlined how Commodity Discovery Fund is positioned across producers and development-stage companies, using option strategies to manage downside risk. Middelkoop said rising free cash flow across the sector could draw broader generalist capital into mining equities as the cycle matures.Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials.00:29 — Which Metal Surprised Willem Middelkoop Most01:17 — Why Middelkoop Says a New Era for Metals Has Begun03:13 — Silver Supply Deficits and Short Squeeze Risk04:02 — Weaponization of Metals and Geopolitical Tensions05:09 — Copper Breakout and Emerging Market Signals07:20 — How Commodity Discovery Fund Is Positioning in Mining Stocks14:49 — Sovereign Debt Risks and the Next Financial Crisis17:59 — Final Thoughts on Volatility and the Metals Cycle__________________________________________________________________Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.comStay connected with usX - https://x.com/KitcoMiningInstagram - https://www.instagram.com/kitcominingLinkedIn - https://www.linkedin.com/company/kitco-miningFacebook - https://www.facebook.com/KitcoMiningConnect with the Kitco Mining anchorsPaul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/miningDisclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.